BitMine Immersion Technologies (NYSEAMERICAN:BMNR) Shares Gap Up – Should You Buy?

BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $28.94, but opened at $30.67. BitMine Immersion Technologies shares last traded at $31.4770, with a volume of 10,903,859 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BMNR. Zacks Research upgraded shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. B. Riley dropped their target price on shares of BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, BitMine Immersion Technologies presently has an average rating of “Buy” and a consensus target price of $47.00.

BitMine Immersion Technologies Stock Up 7.2%

The stock has a market capitalization of $11.92 billion and a PE ratio of -70.52. The firm has a fifty day moving average price of $45.19.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last posted its quarterly earnings data on Friday, November 21st. The company reported $15.90 earnings per share for the quarter. The firm had revenue of $1.32 million for the quarter. BitMine Immersion Technologies had a net margin of 5,719.06% and a return on equity of 16.02%.

BitMine Immersion Technologies Dividend Announcement

The business also recently declared an annual dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 8th will be given a $0.01 dividend. This represents a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, December 8th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $387,907,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $196,536,000. Amova Asset Management Americas Inc. purchased a new position in shares of BitMine Immersion Technologies in the third quarter valued at $196,503,000. Vanguard Group Inc. purchased a new stake in shares of BitMine Immersion Technologies during the 3rd quarter valued at about $148,612,000. Finally, Pantera Capital Partners LP bought a new position in BitMine Immersion Technologies in the 3rd quarter valued at $122,036,000.

BitMine Immersion Technologies Company Profile

BitMine Immersion Technologies Inc focused on bitcoin mining using immersion technology. BitMine Immersion Technologies Inc is based in ATLANTA, GA.